March 15, 2021, Vancouver, Canada – iCo Therapeutics Inc. (TSXV: ICO) (OTCQB: ICOTF) (“iCo” or “the Company”) announced that its wholly owned subsidiary, Amphotericin B Technologies, Inc., has entered into an agreement with IIT Research Institute to test the in vivo efficacy of iCo’s novel oral amphotericin B asset (“iCo-019”) against SARS-CoV-2, the causative agent of COVID-19 in the hACE2 mouse model (the “iCo-019 Study”). iCo anticipates that the iCo-019 Study will be completed by the end of Q2 2021.

“We are excited for this next phase in our development of iCo-019 to begin”, said William Jarosz, the Chief Executive Officer of iCo.

In addition, iCo announced that Dr. Kishor Wasan, the Director of Research at iCo, Co-Director of the Neglected Global Diseases Initiative at the University of British Columbia and Chief Medical and Scientific Officer of Skymount Medical will be submitting abstracts concerning research on iCo-019 and related COVID-19 cell work to the 2021 CSPS/PSJ/CC-CRS Joint Symposium – Pharmaceutical Sciences in a Pandemic World – being held virtually from May 31 to June 3,2021 sponsored by the Canadian Society for Pharmaceutical Sciences. (https://www.cspscanada.org/symposium-events/2021-csps-symposium/)

Dr. Wasan commented, “we have some exciting preliminary data suggesting the anti-viral activity of our compound against SARS-CoV-2 at concentrations that are not toxic to the cells themselves”.

About iCo Therapeutics

iCo Therapeutics identifies existing development stage assets for use in underserved ocular and infectious diseases. Such assets may exhibit utility in non-ophthalmic conditions outside the Company’s core focus areas and if so, the Company will seek to capture further value via partnerships. iCo shares trade on the TSX Venture Exchange under the symbol “ICO” and on the OTCQB under the symbol “ICOTF”.

For more information, visit the Company website at: www.icotherapeutics.com.

No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements

Certain statements included in this press release may be considered “forward-looking information” within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. Forward-looking statements in this press release include statements pertaining to the clinical progress of certain iCo assets, the anticipated completion date of the iCo 019 Study, the anti-viral activity of the iCo 019 compound against SARS-CoV-2 and the submission of abstracts concerning research on iCo-019 and related COVID-19 cell work at the 2021 CSPS/PSJ/CC-CRS Joint Symposium – Pharmaceutical Sciences in a Pandemic World. All forward-looking statements are based on iCo’s current beliefs as well as assumptions made by and information currently available to iCo and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based only on information currently available to iCo and speak only as of the date of this press release. Due to risks and uncertainties, including risks related to the iCo-019 Study and the results and timing thereof, the anti-viral activity of the iCo-019 compound against SARS-CoV-2 and the toxicity to the cells themselves, the pharmaceutical industry generally,market conditions, economic factors, management’s ability to manage and to operate the business of iCo and the equity markets generally, as well as the risks and uncertainties identified by iCo in its public securities filings and on its website, actual events may differ materially from current expectations. iCo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

iCo Therapeutics Inc.

jarosz@icotherapeutics.com